Pinewood Studios wants to build one of the biggest film centres in the world for the production of everything from Hollywood blockbusters to video games.

The 75-year-old studios near Slough today announced proposals for the new £500 million centre four months after a previous expansion plan was rejected by a government inspector.

The move is being driven by the loss of major films to abroad — the Japanese epic, 47 Ronin, starring Keanu Reeves, went to Hungary because Pinewood did not have enough space.

Consultation starts now on the new scheme which would roughly double the capacity of the studios by using as much as 50 acres of land adjacent to the existing 100-acre site at Iver Heath.

It would still bite into the green belt but drops the 420 affordable homes that were criticised last time. Some residents said the houses would put too much pressure on amenities.

The studios’ chief executive Ivan Dunleavy said: “We must respond effectively to the growing demand and compete on an equal footing. Otherwise Pinewood will fall behind its international competitors.”

Increasingly producers wanted to have all the creative skills, production experience and infrastructure in one place, he added. Having to turn business away because they were full was “bad news for exports and growth”.

Lord Puttnam, president of the Film Distributors’ Association, said film-making today was far more competitive than when he was producing hits such as The Killing Fields and top film-makers would go to the best facilities.

“As a former president of the CPRE (now Campaign to Protect Rural England), I’m very conscious of sensitive development issues. But I’m interested in the long-term future of the film industry. The argument Pinewood is making is really sound,” he said.